ULI SME 2016 (IFC-37749)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
  • Uzbekistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 17, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Energy
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 29, 2018

Disclosed by Bank Aug 8, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

This project provides Uzbek Leasing International A.O. with funds to finance leasing operations with small and medium-sized enterprises. At least 10% of the loan is earmarked for financing energy efficient leased equipment to SMEs in the country. The project is expected to have development impact in the following areas: 

1. SME access to finance: the Project would provide financing to SMEs that would contribute to the creation of employment and sustainable private sector development.
2. SME access to Energy Efficiency Loans: the Project would stimulate ULI to finance energy efficiency projects of its clients.
3. Financial performance: IFC's project would support improvement of ULI's ROE, EROE.
Corporate Governance: IFC's project would support ULI's Risk Management System improvement.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Joint Stock Company “Uzbek Leasing International A.O.” (ULI) is a universal leasing company and occupies 4.1% of Uzbek market and focuses mainly on small and medium-sized enterprises.

ULI has been IFC’s repeat client since its foundation in 1996 when IFC invested in 15% of ULI’s capital. In 2002 and in 2008 IFC has committed two senior loans to ULI for a total of US$5.5 million (both were repaid on time) and provided an extensive advisory services package to the Company.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Uzbek Leasing International A.O. was the first international leasing company established in Uzbekistan in 1996 by Malayan Banking Berhad, the National Bank for Foreign Economic Activity of Uzbekistan, EBRD and IFC.

In 2012 Uzbek-Oman Investment Company LLC invested in ULI by buying out IFC’s and EBRD’s stakes. After the recent capital increase in December 2015 the shareholders’ structure of the Company is as follows: Maybank’s stake is 19.7%, NBU owns 41.56% and UzOman owns 38.74%.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Zafar Mustafaev, CEO
Joint Stock Company Uzbek Leasing International A.O.
Office Address: 1 Beshyogoch Street Tashkent, 100066 Uzbekistan
No contact information provided at the time of disclosure. 


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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